Final Results

30 April 2026

Getech Group plc

("Getech" or the "Company")

Final Results

Getech (AIM: GTC), a world-leading locator of subsurface resources, is pleased to announce its Final Results for the 12 months ended 31 December 2025.

Highlights

Financial highlights

· Revenue growth delivered, with 7.3% increase to £5.0 million (2024: £4.7 million), including annualised recurring revenue (ARR) of £2.8 million (2024: £2.9 million) reflecting high customer retention, with management's primary focus for 2026 on growing ARR to cover cost base.

· Return to positive EBITDA of £0.5 million (2024: £0.6 million loss) reflecting improved operating performance and structural cost efficiencies. Adjusted EBITDA was £0.6 million.

· Annualised cost base reduced by c. £1.0 million, with savings fully realised from mid‑2025 and achieved without compromising core technical capabilities, customer delivery or sales & marketing performance.

· Improving cash generation and liquidity, cash at bank of £0.2 million at 31 December 2025 - following a strong period of receivables in Q1 2026, cash at bank at 31 March 2026 increased to £0.8 million.

· Order book of £3.8 million at year end (2024: £4.1 million), reflecting strong conversion of contracted work to revenue during the year, with £2.5 million expected to unwind into revenue in 2026, providing good future revenue visibility.

Operational highlights

· Sustainable business strategy implemented, resetting the cost base and concentrating resources on core markets of Oil & Gas and Mining, with Natural Hydrogen providing additional upside.

· Sales team significantly strengthened, improving the size, quality and visibility of the commercial pipeline.

· Globe customer relationships reinforced, with multi‑year contract renewals announced in May 2025 and March 2026 (with 28% contract uplift value) and customer tenures ranging from three to 15 years.

· Core data and software assets further monetised, including a major release of Unconventionals Analyst, driving 15% growth in its customer base.

· Selective strategic partnerships including joint venture with Sound Energy to explore for natural hydrogen and helium in onshore Morocco, on a capital‑light basis.

Current FY and outlook

· Trading momentum has carried into 2026, with unaudited Q1 revenues 5% ahead year‑on‑year and EBITDA expected to exceed FY2025.

· Primary focus for 2026 is sales execution and building ARR on a path to cost‑base coverage, prioritising pipeline conversion, expansion within existing customer relationships and continued Globe deployments.

· Controlled capital allocation, with the Group expecting to fund planned operations organically under its base‑case outlook, while retaining financial flexibility to manage normal working‑capital.

· Selective exposure to emerging energy sectors, including natural hydrogen and helium, to be pursued on a proportionate and capital‑light basis, subordinate to the Group's core cash‑generative markets.

Chris Jepps, CEO of Getech, said, "Against a backdrop of record low oil & gas reserves replacement rates, the recent instability in the Middle East has further highlighted the critical importance of secure global energy supplies and the need to maintain sufficient reserves to mitigate unexpected disruptions - driving renewed demand for high‑quality exploration. Getech's solutions remain essential tools in meeting this challenge in pursuit of long-term energy resilience for countries and companies alike.

Looking ahead, our revenue growth priorities are clear. First, we are focused on increasing ARR - to build a more resilient revenue base relative to our cost structure - with robust Globe and software renewals, targeted upsell within our existing client base and the progression of a number of high‑value new Globe platform subscription opportunities. Second, we continue to pursue expert services activities that support near‑term cash generation while reinforcing long‑term subscription relationships. Finally, we are extending our commercial reach through partnerships that broaden market access and enhance our offering, while remaining aligned with our capital‑light and disciplined operating model.

With a rebalanced cost structure and improving revenue profile, Getech is in a much stronger financial position. In 2026, we expect this to be reflected in our trading performance through increased revenues and an increase in EBITDA."

For further information, please contact:

Notes to editors:

About Getech

Getech provides trusted subsurface and geospatial insight to organisations across the global natural resources sector. We help corporates, governments, and regulators find and manage the subsurface resources essential to the evolving energy and minerals landscape by combining unique global earth‑science data, leading geospatial expertise and advanced analytics. Our solutions reduce risk, accelerate opportunities and enhance project value throughout the resource lifecycle, supporting activity across oil and gas, critical minerals, geothermal, natural hydrogen and other emerging resource domains.

Founded in 1994 Getech is listed on the Alternative Investment Market of the London Stock Exchange ("AIM"), with ticker symbol GTC.

For further information, please visit www.getech.com.

Chairman's Statement

2025 represented a successful operational and financial reset of the business. At the outset of the year, the Board backed a new sustainable business strategy, led by new CEO Chris Jepps and his team, with the first objectives being to reduce operating costs and re-position the business back to focusing on our core markets: Oil & Gas, Mining and Natural Hydrogen. The result was a 7.3% increase in sales and EBITDA of £0.5m, the first positive such figure since 2019.

The Board's focus now is on ensuring that recent progress is sustainable and that our momentum is underpinned by continued financial discipline. In his CEO's statement, Chris details our comprehensive multi-year strategy to build on the gains made last year and position the business for scalable, diversified growth, through increasing revenues and building ARR. The core premise being to become the world's most trusted source of subsurface and geospatial insight for the global natural resources sector, by continuing to invest in enhancing our solutions to deliver additional value for our clients and meet the needs of the evolving market.

Recent geopolitical developments have reinforced the importance of secure energy supply and the challenge of declining reserve replacement rates across the industry. While the medium‑term outlook for oil prices remains uncertain, these dynamics provide supportive conditions for increased investment in exploration activity which is the strongest driver of demand for Getech's solutions. 

As a result, governments and producers are increasingly prioritising upstream investment to improve energy resilience and reduce exposure to supply disruptions. Oil & gas exploration and production (E&P) activity remains an area of focus, underpinned by the increasing use of digital and data‑driven technologies to improve subsurface decision making, where the Group's capabilities are well aligned with customer requirements.

At the same time, the wider energy sector continues to undergo structural change. Decarbonisation pressures, regulatory complexity and cost inflation present ongoing challenges, particularly for long‑cycle projects. We believe the Group's selective diversification into low‑carbon and emerging energy areas, including natural hydrogen and geothermal, provides a balanced portfolio that supports growth while helping to manage risk through the energy transition.

The potential for the Natural Hydrogen sector is strengthening, reflected in increased exploration activity for this low carbon energy source. Getech's gravity and magnetic data and geoscience expertise are well suited to identifying potential hydrogen systems. These highly specialised capabilities have helped the Group build a strong presence in this nascent market by securing several significant services contracts as well as driving partnerships for expanding our offering.

With market conditions increasingly favourable, and following a successful year of restoring the business to profitability, the focus is on sustaining this momentum into 2026. Recent contract renewals during the year have demonstrated the Group's ability to enhance contract value where customers are deriving increased benefit from Globe and related analytics, reinforcing the confidence in the platform's long‑term commercial relevance. A core objective remains to grow ARR to sustainably cover the Group's cost base. A strong sales pipeline supports this ambition, and in the current year the Group expects to deliver higher revenues and - supported by our leaner cost base - an increase in EBITDA compared to 2025.

On behalf of the Board, I would like to reiterate that the achievements in 2025 would not have been possible without the efforts of the whole Getech team and I am grateful for the commitment and endeavour from everyone involved.

Michael Covington

Chairman

CEO's Statement

Introduction

I am pleased to be reporting this year's Final Results after my first year as CEO of Getech. Over the past year, increased clarity and alignment across the organisation have positively influenced how we operate and are reflected in the progress and results delivered. This is an exciting time to be heading the business - 2025 proved to be a successful year for Getech, during which we delivered the first phase of our sustainable business strategy: rebalancing the Group's cost-base, refocusing on our core Oil & Gas and Mining markets, and progressing selective capital-light Natural Hydrogen projects.

Trading

In 2025 we made significant progress towards our long-term strategic aims, including completing the sale and leaseback of our Nicholson House office property and achieving EBITDA positive for the first time since 2019.

Despite reducing the size of the team by c. 20% in H1 2025 - a c. £1.0m annualised reduction - we were able to increase our revenues by 7.3% to £5.0m (2024: £4.7m). Growth was driven by strong gravity and magnetic (G&M) data sales and underpinned by continued strength in subscription renewals. The uplift in our G&M sales was particularly pleasing - representing an 85% year‑on‑year increase in these data sales - and the result of the work we have done to strengthen our sales team while also potentially being indicative of a market returning to exploration investment.

ARR from our subscription products remained broadly stable at £2.8m (2024: £2.9m), reflecting robust customer retention and renewal rates, with movements during the year driven primarily by contract timing and foreign exchange effects. Importantly, this provides a solid platform from which we are targeting renewed ARR growth in 2026, with our sales team progressing a number of high value new client subscription opportunities while targeting uplift from existing contracts - such as the recently announced Globe renewal by a major state-backed Asian offshore oil and gas producer that had a 28% contract value uplift, illustrative of the ARR growth potential within the existing customer base.

The Group ended the year with an order book of £3.8 million (2024: £4.1 million), reflecting the successful conversion of multi‑year contracts into revenue through the year. While the year‑end cash balance reflected normal working‑capital timing, the underlying cash profile of the business continued to improve, supported by a lower cost base and strong cash collection. In January 2026 alone, the Group collected £1.6 million from customers, comprising £1.2 million of year‑end receivables and £0.4 million of January invoicing, reinforcing management's confidence in the business's ability to generate cash, maintain financial flexibility and operate on a more predictable, self‑funding basis.

We continued to leverage our extensive geoscience and geospatial expertise for clients across corporates, governments and regulators. Our Globe platform - which customers use to analyse where subsurface resources could be found - delivered robust contract renewals, with the platform's search capabilities being expanded with new analytics and the support of Artificial Intelligence (AI) and Machine Learning techniques. Elsewhere within our product stack, we again grew our Unconventionals Analyst customer base - increasing customer numbers by 15% - despite strong M&A activity across the North American shale sector, reflecting a growing demand for this shale oil and gas software.

In parallel to developing our portfolio of Natural Hydrogen exploration joint ventures, during 2025 we continued to expand our Natural Hydrogen and Helium service activities, building on a portfolio of projects for new and existing customers that now spans six continents. With this established global presence, the Group is well positioned to further strengthen its role as a leading solutions provider in this rapidly evolving sector, while continuing to ensure that management time and capital allocation to Natural Hydrogen remains proportionate and subordinate to our core cash‑generating activities.

The market

Against a backdrop of record low oil & gas reserves replacement rates, in Q1 conflict in the Middle East triggered a sharp shock to global energy markets, driving significant increases in oil and gas prices and further highlighting the strategic importance of secure and predictable supply. While the longer‑term outlook remains uncertain, customers are increasingly factoring geopolitical risk and supply resilience into forward planning. As a result, we are seeing growing emphasis on oil & gas exploration activity and data‑led subsurface decision‑making as companies plan future budgets and seek to improve reserve replacement, in order to address a structural imbalance between exploration investment and long-term production needs.

Mining markets experienced a challenging year overall, with margin pressure persisting across parts of the sector. However, stronger pricing for copper and gold, together with a partial recovery in lithium prices earlier in the year, provide some support for increased exploration activity. Meanwhile, the rare earth elements market has continued to tighten on the back of geopolitical supply risks and ongoing efforts to diversify production and refining away from China. Demand for high‑quality subsurface data and geoscience insight remains closely linked to capital discipline, with customers prioritising technologies that help reduce discovery risk.

Natural hydrogen is also attracting strategic interest, with exploration activity expanding across several regions. While commercial viability remains unproven, emerging technical approaches such as stimulated or engineered production suggest a credible development pathway over time with the technical challenge being not dissimilar to shale oil and gas - an area where the Group has significant experience and knowledge. Market forecasts indicate meaningful long‑term upside, positioning natural hydrogen as a high‑potential, early‑stage opportunity.

Growth across Energy Transition and Decarbonisation markets remained measured. Although geothermal and other low‑carbon technologies have gained prominence within national energy security and decarbonisation strategies, project delivery has continued to be constrained by permitting delays, cost inflation and uneven policy execution. Nevertheless, geothermal's role in district heating, industrial heat and baseload power continues to strengthen, particularly in Europe, where municipalities and utilities are seeking long‑term price stability and locally resilient energy sources.

Rising electricity demand, driven by AI and advanced computing workloads, is reshaping global energy priorities and increasing focus on reliable, non‑intermittent power. This structural shift is sharpening attention on energy security and grid stability, supporting the medium‑term investment case for scalable baseload solutions, including geothermal.

Finally, advances in artificial intelligence are having a growing impact across the sector. At Getech, we view AI as an opportunity to enhance customer insight, strengthen our product offering and deliver operational efficiencies, as validated in recent enhancements to Globe and bespoke customer interpretation projects. We believe the Group is well positioned to benefit from AI adoption while remaining resilient to competitive disruption via the defensive 'moats' built over multiple decades such as our proprietary global data assets, deeply embedded customer workflows and long‑standing credibility and trust within regulated natural resource markets.

An evolving business strategy

Management considers that the best strategic positioning for the business is to re-focus on what we do best, our key differentiators and the markets that offer the best commercial opportunities. For Getech, this means leading with oil & gas where our combination of geoscience, geophysics, Globe, geospatial and AI/machine learning have built a solid foundation - while diversifying into low carbon sectors that best play into this unique blend of capabilities, such as critical minerals, natural hydrogen and geothermal.

In 2025 we delivered on the first part of this strategy by stabilising our financial position to ensure that we were operating within our means, and we were delighted to return to being EBITDA positive - the first time the Group has met this KPI since 2019 - a trend we aim to continue and improve upon as we move forward. The cost reduction programme reduced the Group's annualised cost base by c. £1 million (fully realised since mid-year 2025), while at the same time protecting our ability to deliver our core capabilities and products. In tandem, we focused our business on fewer market sectors, restructured our sales team to drive revenue growth and introduced new sales management processes - with these positive changes reflected in revenue growth.

Getech enters 2026 with a refreshed long‑term vision: to become the world's most trusted source of subsurface and geospatial insight for the global natural resources sector. This vision is supported by a mission centred on combining unique geoscience data, leading geospatial capabilities and advanced analytics and AI to help customers reduce risk, accelerate opportunity and enhance project value across the evolving energy system.

Execution of the strategy is structured around several key pillars, including being sustainably cash generative; growing ARR beyond the cost base; enhancing product and service offerings; and diversifying within oil & gas beyond exploration and new ventures. Ultimately our objective is to develop organisational scale, and the next phase of this strategy supports this by building momentum through accelerating ARR growth, advancing large revenue opportunities and launching new offerings by intensifying adoption of disruptive technologies such as AI and machine learning.

Developing our IP through continued innovation remains a central plank in our strategy to ensure our technology can be applied to new sectors while remaining relevant and essential to our core sectors. In the coming year, our product and services portfolio will evolve through enhancements to core products such as Globe and Unconventionals Analyst, alongside the development of new data, information and service offerings to help Getech grow revenues and ARR from existing clients, while also attracting new customers.

Alongside this, we will continue to pursue selective diversification across natural hydrogen, geothermal and critical minerals, with capital allocation tightly prioritised toward projects that are near‑term cash generative, capital‑light or offer clear pathways to substantial returns. I look forward to advancing this by working closely with Max Brouwers, our Chief Business Development Officer. Max's geoscience background and more than 25 years of leadership experience in international energy remains crucial in progressing our portfolio of high potential growth natural hydrogen projects.

Outlook

After several years of primarily experiencing sector headwinds, changes to the global geopolitical situation are starting to create market conditions from which Getech is well positioned to benefit. Production from mature fields continues to decline, with governments and major energy companies facing mounting pressure to improve reserve replacement rates - currently at an all-time low - and strengthen energy security. The recent instability in the Middle East has only underscored this imperative and is helping drive renewed demand for high quality exploration.

Getech's solutions remain essential tools in meeting this challenge. Indeed, Globe and our global gravity and magnetic data holdings are key assets, representing unique, highly valuable and strategic intellectual property (IP) that offer the robust subsurface intelligence needed to support much needed global exploration in pursuit of long-term energy resilience for countries and companies alike. We are focused on several key areas for future revenue growth:

1. Our sales pipeline contains multiple large opportunities for our flagship technology asset, Globe, any of which could transform revenues and materially add to ARR - our core focus. While Globe deployments involve significant client investment decisions, these opportunities are characterised by strategic relationships, strong renewal potential and the ability to deliver long‑duration, high‑value recurring revenue once implemented. In addition, potential to further grow ARR exists within our Globe super-major and NOC clients - as we have seen from the recently announced uplifted Globe renewal by a major state-backed Asian offshore oil and gas producer.

2. We are also focused on driving ARR growth through increased adoption of our software products. Unconventionals Analyst achieved 15% client growth in FY2025, reflecting strong demand for data‑driven decision support across unconventional energy projects, with significant further market potential.

3. The global Geographic Information System (GIS) market is valued at c. $10 billion and predicted to grow year-on-year by c. 15%. We are well placed to leverage this market by growing services revenues via Exprodat - our Group company that specialises in GIS. In 2025, we identified opportunities to develop new offerings and grow revenues, which we have already started to bring to market.

4. Our recent project activities in the Natural Hydrogen sector have positioned us well in this emerging sector. The Group is starting to deliver material levels of service revenue from the sector while also helping mature our project initiation activities which are being pursued on a capital-light basis with the Group's core cash generative markets taking priority.

As we enter the next phase of our strategy, I am excited at the prospect of leading a more focused and streamlined Getech - one that has a clear plan for long-term success and growth. I believe that our 2026 strategy provides a disciplined, coherent pathway for the Group to further strengthen its financial footing, innovate and enhance its core offerings, expand its customer base and accelerate diversification into high‑growth resource sectors. Our strategy balances near‑term commercial deliverables with long‑term capability building, ensuring the company is well positioned to deliver sustainable value as the energy landscape continues to evolve.

Finally, I would like to thank all our staff for their hard work and commitment, and our shareholders for their continued support, and I look forward to leading the Group through the next stage of its development.

Chris Jepps

Chief Executive Officer

Operational Review

Introduction

2025 marked a year of strong operational progress for Getech as we executed the first phase of our strategy to become the world's most trusted source of subsurface and geospatial insight for the global natural resources sector. Building on its core of long-standing petroleum sector and mining expertise, the Group continued its diversification into natural hydrogen, helium and geothermal. The year was characterised by new software releases, the expansion of strategic partnerships and the initiation of a new international exploration venture.

Our teams delivered improvements in customer engagement, protected annually recurring revenue (ARR) through product enhancements and unlocked new opportunities in emerging energy markets - particularly natural hydrogen - where Getech is building a recognised position as a market leader.

At the same time, we continued to invest in advanced computational modelling, artificial intelligence (AI) and machine learning to further enhance our ability to locate subsurface resources efficiently, sustainably and at scale. These developments position the Group strongly for further growth in 2026 and beyond.

Globe platform

Globe is Getech's flagship product, a platform designed to enhance resource exploration by providing a 'digital twin' of Earth history. Developed over the last c. 15 years, Globe uniquely models Earth's evolution over the past 400 million years, combining extensive data with a user-friendly software interface. Its integrated geological, climatic and oceanographic data offer valuable insights for locating natural resources in the subsurface, including petroleum, carbon storage, geothermal, natural hydrogen and critical mineral assets, such as copper and rare earth elements. Through proprietary computational modelling and AI‑led machine learning techniques, Globe integrates geoscience and Earth‑observation data to identify favourable subsurface exploration opportunities.

The releases in 2025 saw step-changes in the capability and accessibility of the Globe platform. The latest Globe update delivered two major enhancements:

· Full data rotation capabilities, enabling users to rotate geological, geophysical and tectonic datasets through geological time within the platform. This significantly improves the accuracy and interpretability of paleogeographic reconstructions and strengthens exploration play de-risking.

· Expanded web-based access, allowing subscribers to access Globe content and run analyses online without needing to install desktop software. This extension enhances Globe's reach across multi-disciplinary exploration teams, particularly those working in remote or distributed environments.

The continued enhancements to Globe underline Getech's commitment to maintaining the platform as a "digital twin" of Earth history that is essential for subsurface resource exploration. Globe continues to be supported by a client-base of major energy companies, with tenures ranging from three to fifteen years, and evidenced by multi-year contract renewals as announced in May 2025 and March 2026 (including a 28% contract value uplift). 

Country-scale data packages - first launched in 2024 - were further expanded during the year. The platform now supports even faster integration of national datasets into screening workflows, particularly for customers evaluating bid rounds or frontier basins.

Alongside Globe, Getech offers a portfolio of complementary platform add-on products designed to increase the value delivered to its customers. This suite of products supports organisations by delivering specific exploration workflows that deliver organisational consistency and operational efficiency.

Exploration Analyst is used by energy and mining companies to help identify new locations of petroleum, minerals, carbon storage and geothermal resources. While there were no releases of Exploration Analyst in 2025 a major new version is due for release in H1 2026. This release introduces several new tools designed to significantly streamline acreage evaluation and support rapid, data‑rich screening workflows. These enhancements strengthen Exploration Analyst's role as a core workflow engine for petroleum, minerals and energy transition exploration teams.

Unconventionals Analyst is used by petroleum operators and financial institutions to manage onshore shale oil and gas projects and investments. Getech delivered a major release in 2025, which represented a significant upgrade for shale oil and gas project modelling. The new version delivers enhanced well inventory and reserves modelling workflows, supporting more accurate forecasting and investment planning. The update was well received by its customers - operators and financial institutions - who use the platform to optimise shale resource strategy, evaluate acreage opportunities and monitor asset performance, evidenced by a 15% growth in its customer-base.

Data Assistant is used by energy resource organisations to integrate geoscience data with Esri's market-leading GIS technology. Development progressed significantly during the year, with a new release is planned for 2026. The upcoming version will further enhance geoscience-to-GIS data integration, improve automation of multi‑dataset ingestion workflows and continue strengthening interoperability with ArcGIS Pro. Data Assistant remains an important component of Getech's software ecosystem, supporting efficient, error‑free data handling for exploration and resource‑development teams.

Getech continues to enhance these products to meet evolving customer needs, in order to deliver ever increasing value to subscribers and further build the Group's ARR. Product development and innovation are prioritised to support Globe‑led enterprise deployments and scalable ARR growth, ensuring that investment in new functionality is tightly aligned with commercial opportunity and customer adoption.

Gravity and magnetic data

Gravity and magnetic (G&M) data are indispensable in natural resource exploration because they allow cost‑effective, large‑scale imaging of subsurface density and magnetic contrasts, revealing basin architecture, faults, intrusions, and crustal processes that control the formation and accumulation of oil, gas, minerals, geothermal fluids, and natural hydrogen/helium.

Getech has the world's largest commercially available database of G&M data, assembled over more than three decades of global data collection, digitisation and harmonisation to create a unique global dataset not available anywhere else. This database has been Getech's longest standing revenue source which it monetises through a combination of spot-sales and data subscriptions, while also providing an incredible foundation to G&M interpretation projects which drive additional revenue streams.

Annual revenue from G&M data sales increased by 85% in 2025 compared with 2024, which can be attributed to the changes management made to the sales team during the year as well as the early stages of a global shift back to exploration by natural resource companies, and the associated increase in exploration budgets. Customers for our G&M data come from across multiple sectors, including petroleum, mining, geothermal and low carbon gases such as natural hydrogen and helium.

Expert services

Getech offers expert services that support customers in locating subsurface resources and applying geospatial technology. This proposition builds on the data, products and staff expertise already within the Group. In 2025, the Group maintained its revenue from expert services projects, with consultancy projects delivered across all our key sectors, welcoming both new clients as well as repeat purchases, confirming that Getech provides competitive and relevant service offerings.

Getech has a number of multi-year service contracts with energy companies across the globe, whereby the Group provides GIS expertise as a fully embedded solution. This ensures the client benefits from a geospatial service that is fully tailored to their processes and workflow, while providing the Group with strong future revenue visibility.

As well as long-term service agreements, Getech undertakes short-term project-based engagements with some customers. These projects are important to Getech - not only as they help build relationships, but also as they enable Getech to address and solve new business challenges with innovative approaches.

In 2025, Getech launched a new Onshore Targeting Service with its partner STRYDE. The exploration service is designed to help companies reduce upfront risk and costs by rapidly identifying high-potential zones using integrated geoscience, AI and machine learning, and opens opportunity by bringing Getech closer to the seismic-enabled workflows that are essential in many subsurface projects The service allows customers to narrow their exploration focus dramatically earlier in the process, leading to reduced capital spending on seismic or drilling in early-stage programmes.

Another noteworthy achievement was the Group's selection by GeoKiln, a technology company pioneering stimulated geologic hydrogen production - broadly similar in concept to shale oil and gas production. During the project, Getech contributed geoscience expertise, screening and subsurface modelling to accelerate GeoKiln's development of naturally occurring hydrogen systems technologies. Innovative projects like these position Getech strongly in the emerging natural hydrogen sector.

Getech's expert services are expected to remain a solid revenue stream, as the world continues to explore and develop natural resources, which require the highly specialized geoscience and geospatial expertise that the Group offers.

Key partnerships

Partnerships continued to be a key strategic pillar for the Group, having the potential to generate stronger, more comprehensive market offerings and providing access to a broader pool of revenue opportunities. In 2025, new collaborations expanded the Group's reach into seismic acquisition, natural hydrogen and helium exploration, while reinforcing its presence in global subsurface resource development.

STRYDE, a global leader in lightweight, high‑density seismic acquisition systems, entered into a strategic partnership with Getech in 2025. STRYDE's cost‑efficient, highly portable nodal seismic technology is strongly complementary to Getech's geoscience analytics, enabling the combined offering to deliver rapid, data‑rich subsurface characterisation at significantly lower operational cost than traditional seismic approaches. Together, the partnership enhances early‑stage de‑risking for oil and gas, as well as other resource exploration sectors, enabling clients to move from regional screening to high‑confidence prospect identification more efficiently.

Getech and Sound Energy formed a joint venture to explore for natural hydrogen and helium across onshore Morocco. The venture follows a successful national-scale screening study delivered by Getech and marks a major step forward in evaluating Morocco's emerging hydrogen systems. The JV will leverage Getech's geoscience platform, data and modelling capabilities, combined with Sound Energy's operational presence.

These partnerships provide strong synergistic value to the Group through expanded innovation and commercial opportunities.

Outlook

As global priorities continue to focus on reserves replacement and security of supply, Getech enters 2026 with a strengthened operational platform built around its core capabilities in subsurface data, software and geoscience services. The Group has a clear technology roadmap, an improved commercial pipeline and a leaner cost base, positioning it well to support customers as exploration activity and associated budgets increasingly return to the fore.

Ongoing investment in advanced computational modelling, AI and machine learning underpin targeted enhancements across Getech's core product portfolio, particularly Globe and its related data and analytics offerings. These developments are focused on improving the speed, accuracy and scalability with which customers can screen, evaluate and de‑risk exploration opportunities, supporting both recurring revenue growth and deeper customer engagement within existing workflows.

Building on its established foundations in geoscience data, software and analytics, the Group also continues to develop new offerings that address critical global needs, including the location of rare earth element deposits and the use of Earth magnetic data to support navigation applications. Such ongoing innovation helps underpin the Group's long‑term relevance and sustainable revenue growth.

In parallel, the Group continues to benefit from an expanding network of partnerships that extend its commercial reach and enhance its technical offering, particularly at the early stages of the exploration cycle. These collaborations are designed to complement Getech's proprietary data and software assets, enable more efficient project delivery and broaden access to revenue opportunities, while remaining capital‑light and aligned with the Group's disciplined operating model.

While Getech remains selectively engaged in emerging markets such as natural hydrogen and geothermal, operational focus and capital allocation remain firmly anchored on the Group's established Oil & Gas and Mining markets, where demand for high‑quality subsurface intelligence is most closely linked to near‑term exploration investment and cash generation.

With a more focused operating structure, a clearer commercial strategy and growing customer traction across its core offerings, the Group is well positioned to deliver sustainable, disciplined growth through 2026 and beyond.

Max Brouwers

Chief Business Development Off

Financial Review

Introduction

2025 marked a year of consolidation and renewed operational discipline for Getech, during which we successfully removed c. £1m in annualised costs while simultaneously increasing revenue on the prior year. This strengthened financial foundation enabled us to stabilise the business and invest with greater confidence in our core capabilities. Together, these actions have positioned Getech for more resilient, sustainable growth as we deepen our role as a trusted source of subsurface and geospatial insight for the global natural resources sector.

Revenue

In 2025, Group revenue rose from £4.662 million to £5.004 million, an increase of c. 7.3%. The growth in revenue was largely driven by gravity and magnetic data spot sales, which increased 85%. This was underpinned by robust subscriptions revenues (up 1% year-on-year) and delivery of expert services revenues across all sectors (down 18% year-on-year, albeit compared with a very strong performance in 2024) which continued to provide a valuable contribution across the Group's core markets.

On an annualised basis, recurring revenues (ARR) remained broadly flat at £2.8 million compared to prior year. However, it is important to note that with 40% of ARR revenues denominated in USD, the adverse movement in the USD/GBP exchange rate since December 2024 has reduced reported ARR revenue by approximately 2.5%. This robust level of ARR provides a stable platform from which we are targeting renewed ARR growth in 2026, with our sales team progressing a number of high value product subscription opportunities.

The 2024 comparative segmental revenue figures have been reclassified to align with the current year presentation and include minor presentational adjustments. There has been no impact on total revenue previously reported.

Revenue is presented both by type and by operating segment to provide complementary views of performance and to align segmental disclosure with the Group's cash‑generating units used for impairment assessment.

Order book and pipeline

The Group's order book represents contracted revenue that has been secured but not yet recognised, providing visibility over future cash inflows and revenue delivery. Order book typically converts to revenue over a period of one to five years, with the majority weighted toward the near term.

At 31 December 2025, the Group order book stood at £3.8 million (2024: £4.1 million). The year‑on‑year reduction primarily reflects the successful conversion of contracted work into revenue during the year, rather than any weakening in commercial momentum. Of the year‑end order book, £2.5 million is expected to unwind into revenue during 2026, providing a strong level of baseline revenue visibility for the year ahead.

In parallel with disciplined management of the order book, the Group maintains an active and well‑defined sales pipeline, comprising prospective opportunities at various stages of development. The pipeline includes both recurring subscription opportunities and project‑based work across the Group's core markets, notably oil and gas and mining.

During 2025, management introduced enhanced sales governance and pipeline management processes, including more rigorous qualification criteria, consistent staging and probability weighting, and regular review at senior management level. These changes have improved the quality and reliability of the pipeline, strengthened forecasting accuracy and increased confidence in conversion rates.

While the pipeline does not represent contracted revenue, it continues to provide encouraging evidence of growing customer engagement and opportunity generation, particularly as exploration activity and associated budgets show signs of recovery. Combined with the existing order book, the pipeline supports management's expectation of sustained revenue delivery through 2026, underpinned by a more predictable and controlled sales execution framework.

Cost base

During 2025, the Group's cost base was reduced to £4.8 million from £5.9 million in 2024, with these reductions being structural rather than temporary in nature.

The cost base reconciliation below shows how our cost base aligns with the financial statements. The monthly run rate at the end of FY25 compared to the run rate prior to the cost saving initiative represented an annualised saving of c. £1m.

Cost base is measured as, cost of sales, administrative costs and development costs, excluding depreciation, amortisation and exceptional items.

EBITDA

EBITDA refers to Earnings Before Interest, Tax, Amortisation, Depreciation and Exceptional Items. EBITDA is used by management as a measure of the Group's underlying operational performance and reflects core trading and cost discipline, without influence from balance‑sheet or financing transactions.

As a result of increased revenues and the successful implementation of a significant structural cost‑reduction programme, the Group delivered a positive EBITDA of £0.5 million in 2025 (2024: £0.6 million loss). Following the decisive actions taken to align the cost base with revenue capacity, the business is now positioned to deliver positive EBITDA in both the first half and the full year of 2026.

Adjusted EBITDA, calculated by excluding share‑based payment charges, was £0.6 million (2024: £0.5 million loss).

The positive EBITDA performance achieved in 2025 reflects sustainable improvements in the Group's cost structure and operating leverage, providing a robust platform from which to grow profitability as revenues scale.

Operating cash flows

Getech's cash flow from operations, before working capital movements, improved significantly by £0.4 million to a £0.1 million outflow (2024: £0.5 million outflow).

The successful implementation of the 2025 cost‑reduction programme delivered c.£1 million in annualised savings. With the current trajectory, Getech expects to achieve a positive operating cash‑flow by the end of the first half of 2026 and maintain this position through the full year.

Financial position & liquidity

The Group ended 2025 with a strengthened operational and financial foundation following the successful delivery of the first phase of its sustainable business strategy. The reduction in the cost base, improved operating performance and enhanced visibility of near‑term revenues have materially reduced the Group's cash requirements and increased financial resilience.

Cash at 31 December 2025 was £0.2 million, reflecting the timing of customer receipts around the year end rather than underlying trading performance. At the balance sheet date, the Group had £1.5 million of receivables outstanding, c. 90% of which was collected by end Q1 2026, including a payment of approximately £0.4 million which had been delayed from Q4 due to the US government shutdown, strengthening liquidity and providing good visibility over near‑term cash inflows.

During the final quarter of the year, the Group utilised a short‑term unsecured bank facility to manage working capital timing, primarily to fund annual licence payments to key suppliers. The use of short‑term facilities forms part of the Group's routine treasury management and reflects the timing characteristics of project‑based revenues rather than a requirement for ongoing external funding.

The £1.0 million annualised reduction in the cost base delivered during 2025 has lowered the Group's cash break‑even point and improved operating leverage, supporting more predictable cash generation as revenues are delivered. The return to positive EBITDA, together with the Group's recurring revenue base and contracted order book, provides increased confidence in the sustainability of the Group's financial position.

Working capital management remains a focus for the Board and management, reflecting the timing of invoicing, delivery and customer payment profiles. Cash flow forecasting, receivables monitoring and contract execution are reviewed regularly to ensure liquidity remains aligned with operational plans.

Based on current trading, cash flow forecasts and available mitigating actions, the Board considers that the Group entered 2026 with adequate liquidity and improved visibility over revenues and cash inflows, providing a stable financial platform consistent with the Group's going concern assessment and sufficient to support the execution of the next phase of the strategy.

Going concern

Getech's business activities and the factors likely to affect its future development, performance and position are set out in the Operational Review. The Group's financial position, cash flows and liquidity are described in the financial statements.

After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements. The Group therefore continues to adopt the going concern basis in preparing its financial statements. The key information supporting this assessment is summarised below.

In making the going concern assessment, the Board has considered Group budgets and detailed cash‑flow forecasts to July 2027. These forecasts are built from Board‑approved budgets, with revenue projections updated regularly to reflect new contractually committed revenues, market sentiment, the current sales pipeline and other relevant factors.

The Directors have also applied sensitivity analysis to assess the impact of lower levels of revenue from non‑contractually committed sources. Management prepared a severe, yet plausible, downside scenario in which, outside of committed revenue and an historically validated renewal rate for existing contracts, a reduction of approximately £1 million across recurring and services revenue was modelled. Under this less probable and highly adverse scenario, the Group has identified mitigating actions available to management to offset the impact.

Financial performance in 2026 is expected to deliver at least modest growth on 2025. Trading in the early part of the year is ahead of the prior period, reflecting long‑range revenue visibility through the Group's recurring revenue model and continued strong demand from existing clients. Historical performance provides further support for the robustness of these expectations. The Board considers current trading to be supportive of at least moderate upside and regards the downside scenario as very unlikely.

The Group continues to monitor receivables closely, with no material delays in customer payments observed. A significant proportion of recurring revenue is billed annually in advance, providing further visibility over cash inflows.

Simon Brown

Chief Financial Officer

Group Statement of Comprehensive Income

for the year ended 31 December 2025

* EBITDA refers to Earnings Before Interest, Tax, Amortisation, Depreciation and Exceptional Items.

Loss for the financial year is all attributable to the owners of the parent company.

Group Statement of Financial Position

as at 31 December 2025

The financial statements were approved by the board of directors and authorised for issue on 29th April 2026 and are signed on its behalf by:

..............................................

Chris Jepps

Chief Executive Officer

Company registration number 02891368 (England and Wales)

Group Statement of Changes in Equity

for the year ended 31 December 2025

Group Statement of Cash Flows

for the year ended 31 December 2025

Company Statement of Financial Position

as at 31 December 2025

The notes from page 96 form part of these parent financial statements.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own income statement and related notes. The company's loss for the year was £930,009 (2024 - £2,684,784 loss).

The financial statements were approved by the board of directors and authorised for issue on 29th April 2026 and are signed on its behalf by:

Chris Jepps

Chief Executive Officer

Company registration number 02891368 (England and Wales)

Company Statement of Changes in Equity for the year ended 31 December 2025

Notes to the Company Financial Statements

for the year ended 31 December 2025

Basis of preparation

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The Company applies accounting policies, key judgements, and key estimates on a consistent basis as the Group, except for disclosure exemptions set out below. To the extent that an accounting policy is relevant to both Group and Parent Company financial statements, please refer to the Group financial statements for disclosure of the relevant accounting policy.

As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

· inclusion of an explicit and unreserved statement of compliance with IFRS;

· presentation of a statement of cash flows and related notes;

· disclosure of the objectives, policies and processes for managing capital;

· disclosure of key management personnel compensation; disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

· the effect of financial instruments on the statement of comprehensive income;

· comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

· a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;

· comparative narrative information;

· for financial instruments, investment property and biological assets measured at fair value and within the scope of IFRS 13, the valuation techniques and inputs used to measure fair value, the effect of fair value measurements with significant unobservable inputs on the result for the period and the impact of credit risk on the fair value; and

· related party disclosures for transactions with the parent or wholly owned members of the Group.

Going concern

In assessing the Group's ability to continue as a going concern, the Directors have reviewed the Group's budgets and detailed cash‑flow forecasts through to July 2027, together with an assessment of the principal risks that could impact performance. The forecasts are based on the Board‑approved FY2026 budget and have been updated for actual trading in late 2025, including the strong Q4 sales performance and the collection of £1.4m of year‑end receivables in Q1 2026.

The Directors have considered both the base‑case budget and a severe but plausible downside scenario. The base case reflects committed revenues that represent 43% of the FY2026 revenue budget, together with conservative assumptions regarding renewals and pipeline conversion. The downside scenario models a reduction of approximately £1 million in non‑contracted revenues, removes several high‑uncertainty opportunities, and stresses the timing of customer receipts. Even under this scenario, the Group maintains a positive cash balance throughout the period and with mitigating actions available to management if required.

The Directors have also taken into account the Group's strengthened operating position following the £1m annualised cost‑reduction programme delivered in 2025, the return to positive EBITDA, and the continued availability of short‑term working‑capital facilities. Year‑end cash of £0.2m was temporarily affected by the delayed receipt of a £0.4m US government payment (related to the US Federal shutdown), which was received shortly after the year end, strengthening liquidity entering 2026.

At the balance sheet date, the Group reported net current liabilities, which primarily reflect deferred income arising from customer contracts billed in advance, as detailed below, rather than underlying liquidity pressure.

No material delays in customer payments have been observed, and the Group benefits from strong revenue visibility, with a high proportion of subscription revenue billed annually in advance. Order book at 31 December 2025 was £3.8m, with £2.5m contractually due to unwind into revenue during 2026.

Having reviewed the base case and downside scenarios, the Group's liquidity position and the mitigating actions available, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on a going concern basis.

Earnings per share

Earnings

Basic EPS is calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted EPS is calculated by dividing the profit attributable to equity holders of the parent by the weighted average number of ordinary shares outstanding plus the weighted average number of shares that would be issued on conversion of all the dilutive share options into ordinary shares. In the current and comparative year, the Group has incurred losses and as such has not presented any dilution of earnings per share in accordance with IAS 33 Earnings per Share. However, these dilutive shares would dilute the earnings per share should the Group become profitable.

Adjusted Earnings Per Share

The Directors use Adjusted Earnings and Adjusted Earnings per share as a Key Performance Measure, which is defined as earnings before exceptional items. The calculated Adjusted Earnings for the year is as follows:

Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

Other information

The Company has taken advantage of the exemption available in FRS 101 whereby it has not disclosed transactions between the Company and any wholly-owned subsidiary undertaking of the Company, which would otherwise be required by IAS 24 'Related Party Disclosures'.